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WPG-19Q4-Supplemental.Pdf SAFE HARBOR: Some of the information contained in this presentation includes forward looking statements. Such statements are subject to a number of risks and uncertainties which could cause actual results in the future to differ materially and adversely from those described in the forward-looking statements. Investors should consult the Company’s filings with the Securities and Exchange Commission for a description of the various risks and uncertainties which could cause such a difference before deciding whether to invest. Table of Contents Page Financial Statement Data Consolidated statements of operations (unaudited) 1 Consolidated balance sheets (unaudited) 2 Supplemental balance sheet detail 3 Components of rental income, other income and corporate overhead 4 Reconciliation of funds from operations - including pro-rata share of unconsolidated properties 5 Reconciliation of net operating income growth for comparable properties - including pro-rata share of unconsolidated properties 6 Debt Information Summary of debt 7 EBITDAre and key balance sheet metrics 8 Key guidance assumptions 9 Operational Data Operating metrics 10 Leasing results and base rent psf 11 Releasing spreads 12 Top 10 tenants 13 Lease expirations 14 Development Activity Capital expenditures 15 Redevelopment projects 16 Department store repositioning status 17 Property Information Property information 18-20 Other Non-GAAP pro-rata financial information 21 Proportionate share of unconsolidated properties - statements of operations (unaudited) 22 Proportionate share of unconsolidated properties - balance sheet (unaudited) 23 Glossary of terms 24 CONSOLIDATED STATEMENTS OF OPERATIONS Washington Prime Group Inc. (Unaudited, dollars in thousands, except per share data) Three Months Ended December 31, Twelve Months Ended December 31, 2019 2018 2019 2018 Revenue: Rental income (see components on page 4) $ 159,519 $ 173,123 $ 633,633 $ 690,432 Other income (see components on page 4) 10,504 9,826 27,851 27,047 Total revenues 170,023 182,949 661,484 717,479 Expenses: Property operating (39,460) (38,237) (154,328) (148,433) Real estate taxes (21,133) (21,385) (82,139) (86,665) Advertising and promotion (3,272) (3,184) (9,513) (9,070) Total recoverable expenses (63,865) (62,806) (245,980) (244,168) Depreciation and amortization (62,178) (61,696) (271,320) (257,796) General and administrative (11,728) (9,121) (51,187) (39,090) Ground rent (224) (197) (837) (789) Impairment loss (6,320) - (35,256) - Total operating expenses (144,315) (133,820) (604,580) (541,843) Interest expense, net (38,576) (36,360) (153,382) (141,987) Gain on disposition of interests in properties, net 12,317 4,494 38,373 24,602 Gain on extinguishment of debt, net 24,747 51,395 63,660 51,395 Income and other taxes (831) (673) (1,296) (1,532) Income (loss) from unconsolidated entities, net 503 851 (1,499) 541 Net income 23,868 68,836 2,760 108,655 Net income (loss) attributable to noncontrolling interests 3,260 10,321 (1,514) 15,051 Net income attributable to the Company 20,608 58,515 4,274 93,604 Less: Preferred share dividends (3,508) (3,508) (14,032) (14,032) Net income (loss) attributable to common shareholders $ 17,100 $ 55,007 $ (9,758) $ 79,572 Earnings (loss) per common share, basic and diluted $ 0.09 $ 0.29 $ (0.05) $ 0.42 SUPPLEMENTAL INFORMATION | 1 CONSOLIDATED BALANCE SHEETS Washington Prime Group Inc. (Unaudited, dollars in thousands) December 31, December 31, 2019 2018 Assets: Investment properties at cost $ 5,787,126 $ 5,879,637 Construction in progress 115,280 35,068 5,902,406 5,914,705 Less: accumulated depreciation 2,397,736 2,283,764 3,504,670 3,630,941 Cash and cash equivalents 41,421 42,542 Tenant receivables and accrued revenue, net (see components on page 3) 82,762 85,463 Investment in and advances to unconsolidated entities, at equity 417,092 433,207 Deferred costs and other assets (see components on page 3) 205,034 169,135 Total assets $ 4,250,979 $ 4,361,288 Liabilities: Mortgage notes payable $ 1,115,608 $ 983,269 Notes payable 957,566 982,697 Unsecured term loans 686,642 685,509 Revolving credit facility 204,145 286,002 Other Indebtedness 97,601 - Accounts payable, accrued expenses, intangibles, and deferred revenues (see components on page 3) 260,904 253,862 Distributions payable 3,252 2,992 Cash distributions and losses in unconsolidated entities, at equity 15,421 15,421 Total liabilities 3,341,139 3,209,752 Redeemable noncontrolling interests 3,265 3,265 Equity: Stockholders' equity Series H Cumulative Redeemable Preferred Stock 104,251 104,251 Series I Cumulative Redeemable Preferred Stock 98,325 98,325 Common stock 19 19 Capital in excess of par value 1,254,771 1,247,639 Accumulated deficit (655,492) (456,924) Accumulated other comprehensive (loss) income (5,525) 6,400 Total stockholders' equity 796,349 999,710 Noncontrolling interests 110,226 148,561 Total equity 906,575 1,148,271 Total liabilities, redeemable noncontrolling interests and equity $ 4,250,979 $ 4,361,288 SUPPLEMENTAL INFORMATION | 2 SUPPLEMENTAL BALANCE SHEET DETAIL Washington Prime Group Inc. (unaudited, dollars in thousands) December 31, December 31, 2019 2018 Tenant receivables and accrued revenue, net: Straight-line receivable, net of reserve $ 42,061 $ 38,874 Tenant receivable 10,227 13,430 Unbilled receivables and other 41,988 42,365 Allowance for doubtful accounts, net (11,514) (9,206) Total $ 82,762 $ 85,463 Deferred costs and other assets: Deferred leasing and corporate improvements, net $ 53,729 $ 74,260 In place lease intangibles, net 27,538 38,453 Acquired above market lease intangibles, net 13,419 18,827 Right of use asset (1) 12,915 - Mortgage and other escrow deposits 34,054 18,542 Seller financing receivable (2) 55,000 - Prepaids, notes receivable and other assets, net 8,379 19,053 Total $ 205,034 $ 169,135 Accounts payable, accrued expenses, intangibles and deferred revenues: Accounts payable and accrued expenses $ 165,469 $ 156,685 Below market lease intangibles, net 54,885 66,651 Lease liability (1) 12,915 - Deferred revenues and deposits 27,635 30,526 Total $ 260,904 $ 253,862 (1) The new lease accounting standard effective January 1, 2019 required recognition on the balance sheet, of certain leases, which primarily relate to our corporate offices and property ground leases. (2) Relates to loan provided to Mall Ground Portfolio, LLC for the Perennial ground lease of Edison Mall, Great Lakes Mall, Irving Mall, and Jefferson Valley Mall on October 10, 2019. SUPPLEMENTAL INFORMATION | 3 COMPONENTS OF RENTAL INCOME, OTHER INCOME AND CORPORATE OVERHEAD Washington Prime Group Inc. (unaudited, dollars in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 Components of Rental Income: Base rent $ 107,551 $ 114,559 $ 428,808 $ 460,764 Mark-to-market adjustment 957 995 6,382 8,971 Straight-line rents 1,040 475 4,695 3,629 Temporary tenant rents 6,098 7,192 17,207 18,805 Overage rent 3,879 4,062 9,501 9,313 Tenant reimbursements 41,530 45,976 172,948 191,319 Lease termination income 118 1,236 1,630 3,457 Change in estimate of collectibility of rental income (1,654) (1,372) (7,538) (5,826) Total Rental Income $ 159,519 $ 173,123 $ 633,633 $ 690,432 Components of Other Income: Sponsorship and other ancillary property income $ 4,892 $ 4,707 $ 11,016 $ 10,275 Fee income 3,013 2,483 11,682 9,527 Other 2,599 2,636 5,153 7,245 Total Other Income $ 10,504 $ 9,826 $ 27,851 $ 27,047 Components of Corporate Overhead: General & administrative - other $ 8,004 $ 8,353 $ 34,866 $ 35,984 General & administrative - internal leasing costs (1) 3,724 768 16,321 3,106 Internal corporate overhead allocated to operating expense 6,197 5,707 23,792 21,541 Total Corporate Overhead $ 17,925 $ 14,828 $ 74,979 $ 60,631 (1) Certain internal leasing costs that were previously deferred are expensed to general and administrative costs under the new lease accounting standard that became effective January 1, 2019. SUPPLEMENTAL INFORMATION | 4 RECONCILIATION OF FUNDS FROM OPERATIONS Including Pro-Rata Share of Unconsolidated Properties Washington Prime Group Inc. (unaudited, dollars in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2019 2018 2019 2018 Funds from Operations ("FFO"): Net income $ 23,868 $ 68,836 $ 2,760 $ 108,655 Less: Preferred dividends and distributions on preferred operating partnership units (3,568) (3,568) (14,272) (14,272) Real estate depreciation and amortization, including joint venture impact 71,370 70,821 310,430 295,900 Noncontrolling interests portion of depreciation and amortization (67) (35) (67) (35) Net income attributable to noncontrolling interest holders in properties (45) (76) (45) (76) Impairment loss, including (gain) on disposition of interests in properties, net 1,594 (1,598) 26,586 (3,353) FFO $ 93,152 $ 134,380 $ 325,392 $ 386,819 Adjusted Funds from Operations: FFO $ 93,152 $ 134,380 $ 325,392 $ 386,819 Gain on extinguishment of debt, net of default interest (23,098) (50,422) (62,011) (50,422) Adjusted FFO $ 70,054 $ 83,958 $ 263,381 $ 336,397 Weighted average common shares outstanding - diluted 224,228 223,145 223,811 223,004 FFO per diluted share $ 0.42 $ 0.60 $ 1.45 $ 1.73 Total adjustments $ (0.11) $ (0.22) $ (0.27) $ (0.22) Adjusted FFO per diluted share $ 0.31 $ 0.38 $ 1.18 $ 1.51 Non-cash items included in FFO: Non-cash stock compensation expense $ 1,915 $ 2,012 $ 7,837 $ 8,322 Straight-line adjustment as an increase to minimum rents (1) $ 1,492 $ 791 $ 6,167 $ 4,945 Straight-line and fair market value adjustment recorded as an increase to ground lease expense (1) $ 485 $ 556 $ 1,938 $ 2,232 Fair value of debt amortized as a decrease to interest expense (1) $ 926 $ 952 $ 3,700 $ 3,971 Loan fee amortization and bond discount (1) $ 1,821 $ 1,798 $ 7,558 $ 8,436 Mark-to-market/inducement adjustment as a net increase to base rents (1) $ 1,437 $ 1,647 $ 10,257 $ 12,173 Non-real estate depreciation (1) $ 2,267 $ 2,402 $ 9,106 $ 9,814 (1) Includes the pro-rata share of the joint venture properties.
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